• Betting odds favor Trump winning the November election, with Polymarket odds at 61.3%.

• Trump's odds rebounded from the drop seen immediately after his debate performance last month.

• The Trump trade is back on, with Trump Media stock, bitcoin, and bank stocks rising.

The so-called Trump trade has been regaining momentum as betting odds rise in favor of the former president winning the election next month. The Trump trade assumes certain industry sectors and markets would benefit if he were elected.

Betting market websites like Polymarket and Kalshi have swung in favor of Trump since early October.

With nearly $1 billion wagered on the outcome of the presidential election at Polymarket, Trump's odds of winning were listed as 61.3%, compared to 38.6% for Harris, at 8:52 a.m. ET on Thursday.

The Trump trade in markets weakened after the mid-September debate between Kamala Harris and Trump, as Harris was largely viewed as the winner of their one and only meeting.

Trump's odds of winning the election in November, based on betting sites' predictions, have been correlated to increases in certain markets.

As investors bet on a victory for the former president, here's what's moving in markets that suggest the Trump trade is back on.

Trump Media stock

The parent company of Donald Trump's Truth Social has seen its stock price soar 93% since Trump gained a favorable edge in the betting markets on October 4. The stock was up almost 16% on Wednesday, trading at $31.26.

The shares slid in September around the time of the Harris-Trump debate and as investors grew nervous about the expiration of a lock-up period that would allow insiders, including Trump, to sell shares.

Trump has said he would not sell down his nearly 60% stake in the company.

Bitcoin

The price of bitcoin is up 11% since Trump's odds began rising in the betting market on October 4. In recent years, Trump's warm embrace of the crypto world has turned bitcoin into a Trump trade.

The Bernstein analyst Gautam Chhugani believes bitcoin could surge to $90,000 if Trump wins in November.

"Elections remain hard to call, but if you are long crypto here, you are likely taking a Trump trade," Chhugani said in a note last month.

The dollar

The US dollar has surged so far this month, rising about 3% against a number of other currencies.

Trump's proposal of a universal 20% tariff on imports is seen as inflationary and could spark a rise in interest rates, which in turn would likely boost the US dollar.

"Should he re-take the White House in November, the dollar would probably rally sharply, at least in the near term, on expectations of higher US tariffs and interest rates," Capital Economics said in a note last month.